Key Challenges by Millennial Segment

In his latest Globe and Mail article Rob Carrick discusses the stunted income growth experienced by young adults in Canada. He shares the perspective of Benjamin Tal, deputy chief economist at CIBC World Markets who explained that people aged 20 to 24 years old are 41 percent worse off financially than they were in 1976, “basically, you’re running faster just to stay in the same place today.”

In our latest nation-wide Canadian Millennial study we wanted to get a better idea of what Millennials perceive to be our greatest challenges. Each different segment has a different view of the challenges and limitations affecting them.

Over the next six blog posts I am going to share some of the results from these surveys to help answer the question, What key challenges are facing the Millennial generation today? I will unpack what how the different segment groups see as the biggest concerns they face as they grow up, move out, and search for work.

The chart below is a summary of the concepts that I will bring up in the next six blog posts.

Key Challenges by Millennial Segment

Segment Struggle
Achievers  Find a career that compliments the skills they developed in   post-secondary school.
Sparks  Fitting into a culture structured by another generation and finding   ways to express themselves and fulfill their own personal ambitions.
Simple Lifers  Leveraging their skills in the job market makes it difficult for the   younger members of this group to leave the nest and start a life of their   own.
Fireflies  The pressure to do it all can make it feel easy to come up short when   it comes to their parents’ and peers’ expectations.
Pacers  Finding a balance between innovation and traditional values, while   balancing family and personal interests can seem impossible.
Stampeders  Not just fitting in, but standing out is a key concern for this group   when it comes to making their mark and achieving their life’s goals.

 

Which Millennial segment are you? Take our Millennial Personality Quiz.